California Oil Spill is a “Tempest in a Teapot,” Oil Economist Says
California is in emergency mode to reign in a 25-mile oil slick, after an estimated 3,000 barrels, or 126,000 gallons, of post-production crude was spilled in the Pacific Ocean off the coast of Orange County. Though the situation is still on-going, authorities suspect a ship’s anchor may be to blame, cutting into an off-shore pipeline.
As emergency response teams work to clean up the spill, and the situation dominos into conversations around banning off-shore drilling, critiques of oil companies’ response speed, beach closures and ecological harm mitigation, we wanted to get the financial perspective on this spill. Compared to more notable and considerably larger spills, like Deepwater Horizon’s in 2010, will this spill have any impact on oil prices and the market at-large?
MarketScale reporter, Justin Honore, spoke with Chief Economist at Matador Economics, Tim Snyder, on how he would weigh the PR challenge vs. the ecological impact of this oil spill.
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